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VEGOILS-Palm oil extends gains, tracking competing oils, weaker ringgit

Reuters

* Palm hits highest since April 2014

* Palm oil expected to climb to 2,672 ringgit -technicals (Updates prices)

By Emily Chow

KUALA LUMPUR, Feb 12 (Reuters) - Malaysian palm oil futures extended gains on Friday to reach its strongest level in nearly two years, tracking competing vegetable oils and a weaker ringgit.

The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 1.6 percent at 2,639 ringgit per tonne after hitting an intraday high of 2,642 ringgit, its highest since April 30, 2014.

Traded volume stood at 52,046 lots of 25 tonnes each.

"Palm rose in unison with overnight gains in rival soyoil and short-covering," said a trader based in Kuala Lumpur.

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"Traders were betting on a stronger ringgit, however it is weakening, thus the short-covering."

The ringgit lost 0.7 percent in evening trade on Friday as Asian shares slipped, reaching 4.1670 against the dollar.

A weaker ringgit, the currency palm is traded in, makes the tropical oil cheaper for holders of foreign currencies.

Palm oil is expected to climb to 2,672 ringgit per tonne, as it has cleared a resistance at 2,585 ringgit, according to Reuters market analyst for commodities and energy technicals Wang Tao.

In competing vegetable oil markets, the U.S. March soyoil contract gained 0.4 percent.

* For a table on Malaysian physical palm oil prices, including refined oil, Reuters Terminal users can double click on or type.

* To view freight rates from Peninsula Malaysia/Sumatra to China, India, Pakistan and Rotterdam, please key in and press enter, or double click between the brackets.

* Reuters Terminal users can see cash and futures edible oil prices by double clicking on the codes in the brackets: To go to the next page in the same chain, hit F12. To go back, hit F11. Vegetable oils -- Malaysian palm oil exports -- CBOT soyoil futures -- CBOT soybean futures -- Indian solvent -- Weekly Indian vegetable oils -- Dalian Commodity Exchange -- Dalian soyoil futures -- Dalian refined palm oil futures -- Zhengzhou rapeseed oil -- European edible oil prices/trades --

(Reporting by Emily Chow; Editing by Biju Dwarakanath and Susan Thomas)